CORRECT: Highland Capital opposes Loral, MHR deal

SarahTurner

LONDON (MarketWatch) -- Highland Capital Management said that it has sent a letter to the directors of Loral Space & Communications Inc.
LORL, -0.50%
outlining its opposition to the securities purchase agreement between Loral and MHR Fund Management. Highland Capital said it believes that the terms of the MHR transaction were not negotiated on an arm's length basis, are not fair to or in the best interest of Loral's stockholders as a whole, and unfairly benefit MHR at the cost of Loral's other stockholders. Highland Capital said that it is willing to underwrite a $300 million convertible perpetual preferred stock transaction on similar terms that are more favorable to Loral. (Corrects pulse to clarify that a new offer is to be made by Highland Capital.)

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